Arch Coal Looks to Cut $4.5 Billion in Debt Under Chapter 11 Protect...

Arch Coal Inc., one of the biggest coal companies in the U.S., filed for chapter 11 protection with to cut $4.5 billion in debt; the coal producer has suffered less demand and falling prices. The Wall Street Journal has the Daily Bankruptcy Review article here.

(Daily Bankruptcy Review is a daily newsletter with comprehensive coverage and analysis of emerging and in-progress insolvencies and turnarounds. For a two-week trial, visit http://on.wsj.com/DJBankruptcyNews, scroll to the bottom and click “try for free.”)

Actor Kevin Spacey is the new chairman at Relativity Studios after parent Relativity Media LLC bought the actor’s production company, Bankruptcy Beat reports. Mr. Spacey will oversee all creative content and film production.

Rare-earths miner Molycorp. Inc. won approval of its bankruptcy auction rules, DBR reports, after reaching deals with junior creditors.

Bank of New York Mellon Corp. got dealt a setback Friday in its efforts to get back $312 million it lent money manager Sentinel Management Corp., Reuters reports.

Dewey & LeBoeuf LLP’s retrial will take place in September but won’t include the collapsed law firm’s former chairman, Steven Davis, Law Blog reports.

Write to Melanie Cohen at [email protected]. Follow her on Twitter at @MelanieLisa